Irrecoverable VAT/CST Refunds and Valid Debt Write-Offs Are Allowable Deductions Under Income-Tax Act
Irrecoverable VAT/CST Refunds and Valid Debt Write-Offs Are Allowable Deductions Under Income-Tax Act Issue Whether write-offs of irrecoverable VAT/CST refunds and trade debts with proper accounting entries constitute allowable deductions under Sections 28/37(1) or 36(1)(vii), and whether Section 14A interest disallowance applies when own interest-free funds exceed investments. Facts Issue I (Write-off of VAT/CST Refund):… Read More »